With BOL taken down, we have a new defined trend in place.I went long upon break of BOL.
Measured Move Target sees 1960.
Price action would lead the way concerning how I navigate from here.
Definitions
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UTL=UpTrendline = A line from the Lowest Low, upward and to the highest minor low point preceding the Highest High so that the line does not pass through prices in between
these two points.
DTL=DownTrendline = A line from the highest high point downward to the lowest minor high point preceding the lowest low so that the line does not pass through prices in between these two high points.
SX/BX =Sell Climax/Buy Climax
BO=Breakout
BOL=Breakout limit (Determined when price seize to make a new high/low in 5 bars since the last high/low following the initial rally/selloff after TL BO)
LH MTR = Lower High Major Trend Reversal = Leg up following the BOL gets close to BX
HH MTR=Higher High Major Trend Reversal = Leg up following the BOL exceeds BX
LLMTR = Lower Low Major Trend Reversal = Leg down following the BOL exceeds SX
HL MTR= Higher Low Major Trend Reversal =Legdown following the BOL only gets close to SX
TR = Trading Range (Tradable legs implied)
_________________________________________________________________________________________________________________________________________________________________________
The Logic
1. Trend trading until the weight of evidence tells of the absence of the trend.
2. And to trade the potential legs within the trading range, when price finally breaks the trendline, and enters into a tradable trading range, until there's a trading range breakout- continuation or reversal.
Measured Move Target sees 1960.
Price action would lead the way concerning how I navigate from here.
Definitions
_______________________________________________________________________________________________________________________________________________________________________________
UTL=UpTrendline = A line from the Lowest Low, upward and to the highest minor low point preceding the Highest High so that the line does not pass through prices in between
these two points.
DTL=DownTrendline = A line from the highest high point downward to the lowest minor high point preceding the lowest low so that the line does not pass through prices in between these two high points.
SX/BX =Sell Climax/Buy Climax
BO=Breakout
BOL=Breakout limit (Determined when price seize to make a new high/low in 5 bars since the last high/low following the initial rally/selloff after TL BO)
LH MTR = Lower High Major Trend Reversal = Leg up following the BOL gets close to BX
HH MTR=Higher High Major Trend Reversal = Leg up following the BOL exceeds BX
LLMTR = Lower Low Major Trend Reversal = Leg down following the BOL exceeds SX
HL MTR= Higher Low Major Trend Reversal =Legdown following the BOL only gets close to SX
TR = Trading Range (Tradable legs implied)
_________________________________________________________________________________________________________________________________________________________________________
The Logic
1. Trend trading until the weight of evidence tells of the absence of the trend.
2. And to trade the potential legs within the trading range, when price finally breaks the trendline, and enters into a tradable trading range, until there's a trading range breakout- continuation or reversal.
Comment:
Almost a DB Test....???
Too early to tell though,
Comment:
DOUBLE BOTTOM MAJOR TREND REVERSAL
This has proven to be a successful major trend reversal so far.
A successful break above BOL would lead to an explosive trend. 4H MODE identified last night puts minimum target at 1960 based on low to mode projection.
SPECIAL THANKS TO TIMWEST, IVANLABRIE, JANSEOHENE........(You guys held my head up)
Thank you!
This has proven to be a successful major trend reversal so far.
A successful break above BOL would lead to an explosive trend. 4H MODE identified last night puts minimum target at 1960 based on low to mode projection.
SPECIAL THANKS TO TIMWEST, IVANLABRIE, JANSEOHENE........(You guys held my head up)
Thank you!
